CORRECTION FROM SOURCE: Southern Silver Files NI43-101 Technical Report for its Preliminary Economic Assessment for the Cerro Las Minitas Project

This document corrects and replaces in its entirety the previous release that was issued by Southern Silver Exploration Corp. earlier today, October 13th, 2022 at 5:39pm ET.

Vancouver, British Columbia–(Newsfile Corp. – October 13, 2022) – Southern Silver Exploration Corp. (TSXV: SSV) (“Southern Silver”) reports that it has filed on SEDAR its National Instrument 43-101 Technical Report titled Preliminary Economic Assessment of the Cerro Las Minitas Project, Durango State, Mexico, dated October 13, 2022 (the “Technical Report”). The report was authored by M3 Engineering & Technology Corp. (“M3”), Kirkham Geosystems Ltd. (“KGL”), Entech Mining Limited (“Entech”), and Metallurgical Process Consultants Limited (“MPC”).

Filing of the Technical Report follows Southern Silver’s news release issued August 29^th, 2022 announcing the results of its Preliminary Economic Assessment (“PEA”) on its 100% owned Cerro Las Minitas Project, Durango State, Mexico.

PEA Highlights:

Robust Project Economics: an after-tax NPV8% of US$220M (C$302M); after-tax NPV5% of US$349M (C$480M) and project IRR of 17.9% (using base-case metal pricing of Ag- $21.95/oz, Cu – $3.78/lb, Pb – $0.94/lb and Zn – $1.33/lb);

Large-Scale Underground Mining Operation with a 15-year mine life with an annual average plant feed of 14.2 Mozs AgEq (inc. 5.8 Mozs Ag);

High-Revenue Project: Base Case gross revenues total US$3.7B with silver representing 42% of revenues, zinc representing 39% of revenues. The project has an Initial CapEx of US$341M;

Well Located Project in a mining friendly jurisdiction with excellent infrastructure in southeast Durango state, Mexico; and

Further Exploration Upside: Drilling through to August 2022 has confirmed mineralized extensions to the Mina La Bocona and Skarn Front deposits that have not been incorporated into the current Resource Model. Other deposits remain open laterally and to depth and remain to be explored.

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is an exploration and development company with a focus on the identification of world-class mineral deposits in major jurisdictions, advancing them either directly or through joint-venture relationships. Our specific emphasis is on advancing the 100% owned Cerro Las Minitas project, one of the world’s largest undeveloped silver-lead-zinc deposits, to a production decision.

Southern has assembled a team of highly experienced technical, operational and transactional professionals to support our efforts in developing (recent robust PEA) the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Our property portfolio also includes the Oro porphyry copper-gold project where a diamond drill program is underway and the Hermanas gold-silver vein project where permitting applications for the conduct of a drill program is underway; both are located in southern New Mexico, USA.

On behalf of the Board of Directors

“Lawrence Page”

Lawrence Page, Q.C.

President & Director, Southern Silver Exploration Corp.

For further information, please visit Southern Silver’s website at https://www.southernsilverexploration.com or contact us at 604.641.2759 or by email at [email protected].

Qualified Person

The PEA for the Cerro Las Minitas project as summarized in this release was completed by Kirkham Geosystems Ltd. (“KGL”), M3 Engineering & Technology Corp. (“M3”), Entech Mining Limited (“Entech”), and Metallurgical Process Consultants Limited (“MPC”). The full Technical Report is available on Southern Silver’s website and on SEDAR under Southern Silver Exploration Corp.

The scientific and technical content of this news release was reviewed and approved by Robert Macdonald, MSc. P.Geo, VP. Exploration, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Southern Silver Exploration Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140514

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